Created by the Swiss Banking Act of 1934, which led to the famous Swiss bank numbered account, the principle of bank secrecy is always considered one of the main aspects of private banking. It has also been accused by NGOs and governments of being one of the main instruments of underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGT Group) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The Swiss Parliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.

Bank Secrecy Act

This presentation has been prepared by FDIC staff to provide directors of community banks with an overview of current BSA/AML and OFAC requirements.

published: 10 Dec 2018

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

published: 16 Mar 2016

FIRST UP | BANK SECRECY LAW

We bring you up-to-the-minute news and information to push your business forward. #BloombergTVPh #InspiringBusiness
Like us on http://facebook.com/BloombergTVPh

published: 21 Mar 2016

Luxembourg plans to ease banking secrecy laws

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU cit...

published: 10 Apr 2013

How The Wealthy Hide Billions Using Tax Havens

"Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies.
--------------------------------------------------
Follow Business Insider on Twitter: https://twitter.com/businessinsider
Follow BI on Facebook: http://bit.ly/1W9Lk0n
Read more: http://www.businessinsider.com/
--------------------------------------------------
Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

published: 27 Feb 2018

'Taxing the rich difficult due to bank secrecy law'

The Bureau of Internal Revenue clarifies taxing the rich is difficult due to the bank secrecy law.

published: 15 Jul 2013

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SA
Creative Commons image source in video

published: 09 Oct 2014

Bank Secrecy Laws

-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

published: 19 Mar 2018

What regulatory laws and regulations banks must follow?

Join the Cryptoversal world at http://www.cryptoversal.com
What are some important laws and regulations banks must follow? Why banks don't like Bitcoin transfers?
Cryptocurrencies reviews, ICOs, exchanges, gaming sites and payment methods. All things crypto on every level!

published: 30 Jul 2018

Can You Still Hide Money in Swiss Banks?

What Is A War Crime? http://testu.be/1jRifGh
Is The International Criminal Court Effective? http://testu.be/1JVmlSC
» Subscribe to NowThis World: http://go.nowth.is/World_Subscribe
A U.S. airstrike hit a hospital killing several civilians. A general later called the strike a mistake. So did the U.S. commit a war crime?
Learn More:
UN says Afghan hospital bombing may be war crime
http://www.aljazeera.com/news/2015/10/afghan-hospital-bombing-war-crime-msf-kunduz-151003151257396.html
"The suspected US-led air strike on a hospital in the Afghan city of Kunduz that killed at least 19 people, including 12 members of Doctors Without Borders (MSF), was "inexcusable" and possibly criminal, the UN's human rights chief has said, as the Pentagon ordered an investigation into the deadly raid."
...

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955,...

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

Luxembourg plans to ease banking secrecy laws

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effor...

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU citizens.
Find us on:
Youtube http://bit.ly/zr3upY
Facebook http://www.facebook.com/euronews.fans
Twitter http://twitter.com/euronews

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU citizens.
Find us on:
Youtube http://bit.ly/zr3upY
Facebook http://www.facebook.com/euronews.fans
Twitter http://twitter.com/euronews

"Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies.
--------------------------------------------------
Follow Business Insider on Twitter: https://twitter.com/businessinsider
Follow BI on Facebook: http://bit.ly/1W9Lk0n
Read more: http://www.businessinsider.com/
--------------------------------------------------
Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

"Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies.
--------------------------------------------------
Follow Business Insider on Twitter: https://twitter.com/businessinsider
Follow BI on Facebook: http://bit.ly/1W9Lk0n
Read more: http://www.businessinsider.com/
--------------------------------------------------
Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United S...

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SA
Creative Commons image source in video

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SA
Creative Commons image source in video

Bank Secrecy Laws

-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free to...

-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

What regulatory laws and regulations banks must follow?

Join the Cryptoversal world at http://www.cryptoversal.com
What are some important laws and regulations banks must follow? Why banks don't like Bitcoin transfe...

Join the Cryptoversal world at http://www.cryptoversal.com
What are some important laws and regulations banks must follow? Why banks don't like Bitcoin transfers?
Cryptocurrencies reviews, ICOs, exchanges, gaming sites and payment methods. All things crypto on every level!

Join the Cryptoversal world at http://www.cryptoversal.com
What are some important laws and regulations banks must follow? Why banks don't like Bitcoin transfers?
Cryptocurrencies reviews, ICOs, exchanges, gaming sites and payment methods. All things crypto on every level!

Can You Still Hide Money in Swiss Banks?

What Is A War Crime? http://testu.be/1jRifGh
Is The International Criminal Court Effective? http://testu.be/1JVmlSC
» Subscribe to NowThis World: http://go...

What Is A War Crime? http://testu.be/1jRifGh
Is The International Criminal Court Effective? http://testu.be/1JVmlSC
» Subscribe to NowThis World: http://go.nowth.is/World_Subscribe
A U.S. airstrike hit a hospital killing several civilians. A general later called the strike a mistake. So did the U.S. commit a war crime?
Learn More:
UN says Afghan hospital bombing may be war crime
http://www.aljazeera.com/news/2015/10/afghan-hospital-bombing-war-crime-msf-kunduz-151003151257396.html
"The suspected US-led air strike on a hospital in the Afghan city of Kunduz that killed at least 19 people, including 12 members of Doctors Without Borders (MSF), was "inexcusable" and possibly criminal, the UN's human rights chief has said, as the Pentagon ordered an investigation into the deadly raid."
Lives and Statistics: Are 90% of War Victims Civilians?
http://www.iiss.org/en/publications/survival/sections/2010-e7df/survival--global-politics-and-strategy-june-july-2010-af5f/52-3-10-roberts-5d9c
"An oft-quoted statistic draws attention to the terrible impact that certain wars have had on civilian populations, but as a generalisation about all wars since 1990 it is based on shaky foundations."
International Criminal Court
http://www.icc-cpi.int/NR/rdonlyres/04D143C8-19FB-466C-AB77-4CDB2FDEBEF7/143682/OTP_letter_to_senders_re_Iraq_9_February_2006.pdf
"The Office of the Prosecutor has received over 240 communications concerning the situation in Iraq."
Music Track Courtesy of APM Music: "Celestial Constellation"
_________________________
NowThis World is dedicated to bringing you topical explainers about the world around you. Each week we’ll be exploring current stories in international news, by examining the facts, providing historical context, and outlining the key players involved. We’ll also highlight powerful countries, ideologies, influential leaders, and ongoing global conflicts that are shaping the current landscape of the international community across the globe today.
More from NowThis:
» Subscribe to NowThis News: http://go.nowth.is/News_Subscribe
» Like NowThis World on Facebook: https://go.nowth.is/World_Facebook
» Connect with Judah: Follow @judah_robinson on Twitter – Facebook: http://go.nowth.is/LikeJudah
» Connect with Versha: Follow @versharma on Twitter – Facebook: http://go.nowth.is/LikeVersha
http://www.youtube.com/nowthisworld
Special thanks to Jules Suzdaltsev for hosting TestTube!

What Is A War Crime? http://testu.be/1jRifGh
Is The International Criminal Court Effective? http://testu.be/1JVmlSC
» Subscribe to NowThis World: http://go.nowth.is/World_Subscribe
A U.S. airstrike hit a hospital killing several civilians. A general later called the strike a mistake. So did the U.S. commit a war crime?
Learn More:
UN says Afghan hospital bombing may be war crime
http://www.aljazeera.com/news/2015/10/afghan-hospital-bombing-war-crime-msf-kunduz-151003151257396.html
"The suspected US-led air strike on a hospital in the Afghan city of Kunduz that killed at least 19 people, including 12 members of Doctors Without Borders (MSF), was "inexcusable" and possibly criminal, the UN's human rights chief has said, as the Pentagon ordered an investigation into the deadly raid."
Lives and Statistics: Are 90% of War Victims Civilians?
http://www.iiss.org/en/publications/survival/sections/2010-e7df/survival--global-politics-and-strategy-june-july-2010-af5f/52-3-10-roberts-5d9c
"An oft-quoted statistic draws attention to the terrible impact that certain wars have had on civilian populations, but as a generalisation about all wars since 1990 it is based on shaky foundations."
International Criminal Court
http://www.icc-cpi.int/NR/rdonlyres/04D143C8-19FB-466C-AB77-4CDB2FDEBEF7/143682/OTP_letter_to_senders_re_Iraq_9_February_2006.pdf
"The Office of the Prosecutor has received over 240 communications concerning the situation in Iraq."
Music Track Courtesy of APM Music: "Celestial Constellation"
_________________________
NowThis World is dedicated to bringing you topical explainers about the world around you. Each week we’ll be exploring current stories in international news, by examining the facts, providing historical context, and outlining the key players involved. We’ll also highlight powerful countries, ideologies, influential leaders, and ongoing global conflicts that are shaping the current landscape of the international community across the globe today.
More from NowThis:
» Subscribe to NowThis News: http://go.nowth.is/News_Subscribe
» Like NowThis World on Facebook: https://go.nowth.is/World_Facebook
» Connect with Judah: Follow @judah_robinson on Twitter – Facebook: http://go.nowth.is/LikeJudah
» Connect with Versha: Follow @versharma on Twitter – Facebook: http://go.nowth.is/LikeVersha
http://www.youtube.com/nowthisworld
Special thanks to Jules Suzdaltsev for hosting TestTube!

PH one of few countries with bank secrecy law

Several bank officials invoked the bank secrecy law on Tuesday's Senate inquiry on the $81-million money laundering scandal. The law, which was enacted in 1955, ensures the confidentiality of all bank deposits, except if there is a written consent from the depositor, if an account is linked to a graft and corruption case, and if it is related to litigation. - The World Tonight, ANC, March 16, 2016

Luxembourg plans to ease banking secrecy laws

http://www.euronews.com/ Luxembourg has said it will water down its banking secrecy laws after pressure from its EU partners.
It comes amid a Europe-wide effort to crack down on tax evasion as governments across the continent try to balance their books.
Jean-Claude Juncker, the country's prime minister, told MPs that the time had come for a change.
"If the government changed its position on this issue, it is not under European pressure. Nevertheless, pressure did exist, as 25 of the 27 Member States are in favour of an automatic exchange of information," he said.
Banking secrecy helped Luxembourg establish itself as a key financial centre.
The industry is about 22 times the size of the country's economy.
The changes come into effect from January 1, 2015 and will apply only to EU citizens.
Find us on:
Youtube http://bit.ly/zr3upY
Facebook http://www.facebook.com/euronews.fans
Twitter http://twitter.com/euronews

How The Wealthy Hide Billions Using Tax Havens

"Secrecy World" author Jake Bernstein explains how the super-wealthy hide billions using tax havens and shell companies.
--------------------------------------------------
Follow Business Insider on Twitter: https://twitter.com/businessinsider
Follow BI on Facebook: http://bit.ly/1W9Lk0n
Read more: http://www.businessinsider.com/
--------------------------------------------------
Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

Bank Secrecy Act

The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, and file reports of cash purchases of these negotiable instruments of more than $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
This video is targeted to blind users.
Attribution:
Article text available under CC-BY-SA
Creative Commons image source in video

Bank Secrecy Laws

-- Created using PowToon -- Free sign up at http://www.powtoon.com/youtube/ -- Create animated videos and animated presentations for free. PowToon is a free tool that allows you to develop cool animated clips and animated presentations for your website, office meeting, sales pitch, nonprofit fundraiser, product launch, video resume, or anything else you could use an animated explainer video. PowToon's animation templates help you create animated presentations and animated explainer videos from scratch. Anyone can produce awesome animations quickly with PowToon, without the cost or hassle other professional animation services require.

What regulatory laws and regulations banks must follow?

Join the Cryptoversal world at http://www.cryptoversal.com
What are some important laws and regulations banks must follow? Why banks don't like Bitcoin transfers?
Cryptocurrencies reviews, ICOs, exchanges, gaming sites and payment methods. All things crypto on every level!

Can You Still Hide Money in Swiss Banks?

What Is A War Crime? http://testu.be/1jRifGh
Is The International Criminal Court Effective? http://testu.be/1JVmlSC
» Subscribe to NowThis World: http://go.nowth.is/World_Subscribe
A U.S. airstrike hit a hospital killing several civilians. A general later called the strike a mistake. So did the U.S. commit a war crime?
Learn More:
UN says Afghan hospital bombing may be war crime
http://www.aljazeera.com/news/2015/10/afghan-hospital-bombing-war-crime-msf-kunduz-151003151257396.html
"The suspected US-led air strike on a hospital in the Afghan city of Kunduz that killed at least 19 people, including 12 members of Doctors Without Borders (MSF), was "inexcusable" and possibly criminal, the UN's human rights chief has said, as the Pentagon ordered an investigation into the deadly raid."
Lives and Statistics: Are 90% of War Victims Civilians?
http://www.iiss.org/en/publications/survival/sections/2010-e7df/survival--global-politics-and-strategy-june-july-2010-af5f/52-3-10-roberts-5d9c
"An oft-quoted statistic draws attention to the terrible impact that certain wars have had on civilian populations, but as a generalisation about all wars since 1990 it is based on shaky foundations."
International Criminal Court
http://www.icc-cpi.int/NR/rdonlyres/04D143C8-19FB-466C-AB77-4CDB2FDEBEF7/143682/OTP_letter_to_senders_re_Iraq_9_February_2006.pdf
"The Office of the Prosecutor has received over 240 communications concerning the situation in Iraq."
Music Track Courtesy of APM Music: "Celestial Constellation"
_________________________
NowThis World is dedicated to bringing you topical explainers about the world around you. Each week we’ll be exploring current stories in international news, by examining the facts, providing historical context, and outlining the key players involved. We’ll also highlight powerful countries, ideologies, influential leaders, and ongoing global conflicts that are shaping the current landscape of the international community across the globe today.
More from NowThis:
» Subscribe to NowThis News: http://go.nowth.is/News_Subscribe
» Like NowThis World on Facebook: https://go.nowth.is/World_Facebook
» Connect with Judah: Follow @judah_robinson on Twitter – Facebook: http://go.nowth.is/LikeJudah
» Connect with Versha: Follow @versharma on Twitter – Facebook: http://go.nowth.is/LikeVersha
http://www.youtube.com/nowthisworld
Special thanks to Jules Suzdaltsev for hosting TestTube!

Created by the Swiss Banking Act of 1934, which led to the famous Swiss bank numbered account, the principle of bank secrecy is always considered one of the main aspects of private banking. It has also been accused by NGOs and governments of being one of the main instruments of underground economy and organized crime, in particular following the class action suit against the Vatican Bank in the 1990s, the Clearstream scandal and the terrorist attacks of September 11, 2001. Former bank employees from banks in Switzerland (UBS, Julius Baer) and Liechtenstein (LGT Group) have testified that their former institutions helped clients evade billions of dollars in taxes by routing money through offshore havens in the Caribbean and Switzerland. One of these, Rudolf M. Elmer, wrote, "It is a global problem...Offshore tax evasion is the biggest theft among societies and neighbor states in this world." The Swiss Parliament ratified on June 17, 2010 an agreement between the Swiss and the United States governments allowing UBS to transmit to the US authorities information concerning 4,450 American clients of UBS suspected of tax evasion.

The approval of the law came two months after the Cabinet approved a draft resolution to abolish the country’s bankingsecrecylaws, which have turned tiny Lebanon into the region’s Switzerland, attracting clients from around the Arab world who prized the anonymity its banks offered....

...banks of conspiring to empty state coffers ... The banking system has underpinned Lebanon’s economy since the late Lebanese statesman Raymond Edde pioneered its development in the mid 1950s through a law that enshrined bankingsecrecy, making Lebanon the Middle East’s deposit box....

Latest News for: Bank secrecy laws

The approval of the law came two months after the Cabinet approved a draft resolution to abolish the country’s bankingsecrecylaws, which have turned tiny Lebanon into the region’s Switzerland, attracting clients from around the Arab world who prized the anonymity its banks offered....

...banks of conspiring to empty state coffers ... The banking system has underpinned Lebanon’s economy since the late Lebanese statesman Raymond Edde pioneered its development in the mid 1950s through a law that enshrined bankingsecrecy, making Lebanon the Middle East’s deposit box....